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A Very Personal Bankruptcy
from:Filing a personal bankruptcy is a major decision and one that only you can make. It’s no secret that it can have long term consequences on your credit. But the question to ask yourself is whether those consequences are better or worse than the consequences of debt spiraling out of control. It doesn’t take long for people to discover that debt only gets worse when ignored.
A personal bankruptcy is called “personal”, because it applies to an individual and not a business. It’s also very personal, because the bankruptcy is structured to meet your particular circumstances. But having said that it’s also necessary to recognize that there are specific laws that define bankruptcies in terms of what’s allowed and not allowed. For personal bankruptcies, you can file a chapter 7 for liquidation or a chapter 13 for a repayment plan.
A personal bankruptcy can do some things to help people deal with their debt, but there are other things outside its realm of control according to law. For example, a personal bankruptcy cannot erase all types of debt. These debts include child support, court ordered payments and criminal fines. The attorney will negotiate with the IRS to determine which tax debts can be eliminated. Also, any debt you create after the bankruptcy is not grandfathered into the order. On top of that, a creditor can make you give up any collateral you used to secure debt instead of just accepting payments.
The good news is that a personal bankruptcy can do lots of great things to make your life easier and give you a new start. Excessive debt feels like you’re carrying hundreds of pounds around on your shoulders all the time. Filing a bankruptcy takes most of that weight off.
There are plenty of good results you will experience as a result of filing bankruptcy. One of the best is the fact that most of your debts are discharged. That means you no longer have the debt and don’t have to pay it. A bankruptcy can prevent your house or car from being taken in a foreclosure or repossession. If you waited to file long enough to have your utilities turned off, they will probably be restored. There are other benefits too, and it is the job of your attorney to make sure you get the most financial relief allowed by the law.
Filing a bankruptcy can actually help your credit if your credit is already virtually ruined. That’s because a personal bankruptcy wipes out the debt you owe and lets you start again with a clean slate. If you work and save money and make timely payments on remaining debts, in all likelihood you will be able to begin rebuilding your credit within a few months of the final bankruptcy discharge.
A personal bankruptcy can remain on your credit history for 10 years. You cannot file another bankruptcy for 4 years on a chapter 7 and for 8 years on a chapter 13. Filing a bankruptcy is a long term decision with near term benefits. A bankruptcy attorney can help you start over again with a new financial life.
File For Bankruptcy News
Swedish Regional Carrier Skyways To File For Bankruptcy - Wall Street Journal
 HispanicBusiness.com | Swedish Regional Carrier Skyways To File For Bankruptcy Wall Street Journal By Christina Zander Of DOW JONES NEWSWIRES STOCKHOLM (Dow Jones)--Skyways Express AB and its subsidiary City Airline AB Tuesday canceled all flights with immediate effect and said it will file for bankruptcy during the day as its owner said it could no ... Sweden's Skyways to file for bankruptcy after investor pulls out Swedish Skyways and City Airlines to file for bankruptcy Skyways Express and City Airline halt operations, to file for bankruptcy |
Houghton Mifflin Harcourt files for bankruptcy - Christian Science Monitor
 Thomson Reuters News & Insight | Houghton Mifflin Harcourt files for bankruptcy Christian Science Monitor Houghton Mifflin Harcourt, the book publishing giant, has filed for bankruptcy protection to eliminate $3.1 billion in debt. Houghton Mifflin Harcourt had been struggling with heavy debt for years. By The Associated Press / May 21, 2012 The used ... Houghton Mifflin files Chapter 11 bankruptcy |
Alex Hotel, Flatotel Owners File for Bankruptcy in Manhattan - BusinessWeek
Alex Hotel, Flatotel Owners File for Bankruptcy in Manhattan BusinessWeek 205 East 45 LLC, the owner of east midtown Manhattan- located Alex Hotel, has $123 million in outstanding liabilities with the lenders group, according to a Chapter 11 filing yesterday in US Bankruptcy Court in Manhattan. |
Issue of Harrisburg filing for bankruptcy still a point of contention - CBS 21
Issue of Harrisburg filing for bankruptcy still a point of contention CBS 21 This number has been growing over the past year as the city has been unable to file for bankruptcy. In June of last year, the state legislature passed a law amending the state's fiscal code to prohibit financially distressed cities from entering into ... |
NEW Mall owners file for bankruptcy - Walla Walla Union-Bulletin
NEW Mall owners file for bankruptcy Walla Walla Union-Bulletin WALLA WALLA -- The owners of the defunct Blue Mountain Mall property have filed for bankruptcy in a move that postpones another auction proceeding that had been scheduled for the end of this week. Walla Walla Town Center LLC filed chapter 11 business ... |
ResCap Set to File for Bankruptcy - Wall Street Journal
 New York Times | ResCap Set to File for Bankruptcy Wall Street Journal By ANDREW R. JOHNSON Ally Financial Inc.'s mortgage subsidiary is expected to file for bankruptcy late Sunday or early Monday morning, a person familiar with the matter said. The board of Residential Capital, the unit that has been a drag on the rest ... Ally Financial's mortgage unit files for bankruptcy Ally's Mortgage Division to File for Bankruptcy ResCap decision good for taxpayers: US Treasury |
Dewey to consider bankruptcy filing: source - Chicago Tribune
Dewey to consider bankruptcy filing: source Chicago Tribune NEW YORK (Reuters) - Ailing law firm Dewey & LeBoeuf is considering a bankruptcy filing as new debtholders take a more aggressive track, shifting away from earlier attempts at an out-of-court liquidation, a person familiar with the matter said on ... |
When You Should File Medical Bankruptcy - JD Supra (press release)
When You Should File Medical Bankruptcy JD Supra (press release) When you are faced with insurmountable and escalating medical bills, one option is to file for bankruptcy. But given the nature of medical conditions that often require ongoing treatment and costs, it is important you file for bankruptcy at the correct ... |